-LRB- CNN -RRB- -- As Britain continues to celebrate Andy Murray 's Wimbledon title , things are n't going quite as well for Roger Federer .

Federer , who owns a men 's record 17 grand slam titles , slumped to his lowest world ranking in 10 years when the new standings were released Monday .

The Swiss dropped from third to fifth in the aftermath of his upset loss in the second round to Sergiy Stakhovsky at Wimbledon , matching the ranking he last held in June 2003 when he was n't yet a grand slam winner .

Federer , a month away from his 32nd birthday , responded to the defeat by entering a pair of smaller clay court tournaments in Europe in a bid to reverse fortunes .

He is sixth in the calendar-year points standings , with the top eight earning a berth at the year-end championships in London .

Federer will play at next week 's German Tennis Championships in Hamburg before contesting the Swiss Open in Gstaad the following week .

`` I 'm really looking forward to playing in front of my home fans in Gstaad this summer , '' Federer told his website this month . `` I have got a lot of great memories of the tournament in the mountains of Switzerland . ''

Federer last played in Gstaad in 2004 , winning the event for the only time . He lost his first four matches there before reaching the final in 2003 a week after his maiden grand slam triumph at Wimbledon .

While Federer frets over his drop in the rankings , man of the moment Murray is very much on the up .

He has spectacularly recovered -- with the help of coach Ivan Lendl -- from losing his first four grand slam finals and in the 2011 semifinals at Wimbledon to Rafael Nadal when he was firmly in control .

He has now captured two of the last three grand slam tournaments he has competed in and replaced Federer as the world 's best grass court player , having also claimed Olympic gold at Wimbledon in 2012 and a Wimbledon warm-up in London last month .

`` Under pressure right now Andy has two majors and a gold medal , '' his coach Ivan Lendl told British newspaper the Telegraph as he reflected on Murray 's Wimbledon victory over Novak Djokovic on Sunday .

`` Novak is a great player , do n't get me wrong . He has had a phenomenal last 12 months , basically since the start of 2011 , so the rankings look at all of that .

'' -LSB- But -RSB- if somebody has two majors and an Olympic gold medal , and everybody else has only one major ... '' Lendl added , before tailing off . `` Everybody can make their own opinion on that . ''

When the Scot downed world No. 1 Djokovic in straight sets in Sunday 's final , it ended a 77-year wait for a British men 's singles champion at tennis ' most prestigious tournament .

Murray said Monday that he only had one-hour of sleep after his victory -- and that he did n't want to go to sleep at all because he thought when he woke up it would all be a dream .

The Queen was one of those to congratulate Murray and he is being tipped to receive knighthood .

The Scot 's last loss on grass was to Federer in the 2012 Wimbledon final .

`` I did n't always think it was going to happen , '' said Murray of his Wimbledon conquest . `` I did n't doubt myself so much after last year 's final .

`` It was the best I 'd recovered from a grand slam loss . Maybe a couple of years ago when I lost in the semis to Rafa when I was up a set , maybe a break as well or had break points , and did n't get that , that was a tough , tough one for me . ''

And Murray said he does n't expect his motivation to dip after his historic fortnight at Wimbledon .

`` I hope I do n't lose hunger -- I think I should be able to use this as motivation , '' said the Scot . `` I know what it 's like losing in a Wimbledon final , and I know what it 's like winning one . And it 's a lot better winning .

`` I just need to make sure I do n't get side-tracked by anything . ''

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After losing in the second round at Wimbledon , Roger Federer drops to fifth in the rankings

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The 17-time grand slam champion has n't been that low since June 2003

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Federer , unusually for him , is set to play in two clay-court tournaments this month

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Federer 's slide comes as Britain basks in Andy Murray 's Wimbledon title success